Fall has finally begun, which means it’s time for you to start prepping your small business for the tax season. At Blackwell’s Tax Service, we want to help you take advantage of your taxes this year and get all the benefits you’ve rightly earned. Here are several great tips we’ve put together to help you focus on the right things now so you can save both time and money on your business taxes:
- Start reducing revenue – While it might sound strange, cutting back revenue during November and December can help you to lower the current year’s tax burden. If possible, defer any receivable income to January. However, we advise that you talk with our accountant first to see if this is a viable option for your small business.
- Get into a spending groove – Start gaining more deductions by spending more for your business. Upgrade equipment for your staff, start investing in advertising for your business – but make sure the transactions happen before 2017 comes to a close.
- Gather up deductions – Start pulling together the documentation for any deductions from 2017. These could include office supply expenses, sales trips, and other necessary expenses for your business. Get this list updated and organized before it comes time for your business tax preparation.
- Get your business in gear – Many businesses start to slow down as the end of the year approaches, but it doesn’t have to be that way. Schedule regular staff meetings and talk to your management team about their progress, Share leadership techniques to keep everyone focused and organized all the way through December 31.
If you need help with your business taxes or other accounting services in the Fort Mill, Rock Hill, and York County areas of South Carolina, please call Blackwell’s Tax Service. We’ll help you get focused, stay organized, and be stress-free when it comes to your business taxes!